International trade theory

  1. Mercantilism is a bankrupt theory that has no place in the modern world.
  2. Is free trade fair?
  3. Unions in developed nations often oppose imports from low-wage countries and advocate trade barriers to protect jobs from what they often characterize as “unfair” import competition.  Is such competition “unfair”?  Do you think that this argument is in the best interests of (a) the union, (b) the people they represent, and/or (c) the country as a whole?
  4. The world’s poorest countries are at a competitive disadvantage in every sector of their economies.  They have little to export.  They have no capital; their land is of poor quality; they often have too many people given available work opportunities; and they are poorly educated.  Free trade cannot possibly be in the interests of such nations!

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